Please find below the details and link to vacancies in the Professional Standards Department in Chartered Accountants Ireland.
Case Manager
This role is full time permanent, and is based in the Dublin office.
Quality Assurance Inspector
This role is full time permanent and is home based.
Closing date for receipt of applications is close of business Friday 30th March 2018.
Please forward full CV and applications to hr@charteredaccountants.ie

As previously reported to members, the Companies (Statutory Audits) Bill proposes to amend the Companies Act 2014 such that, following enactment, an application to extend the time to file an annual return could only be filed with the High Court and not the District Court as is currently the case. In February 2018 the CCAB-I Business Law Committee wrote to the Department of Business, Enterprise and Innovation (DBEI) in this regard. In that letter, CCAB-I reiterated its belief that late filing should not be penalised by way of loss of audit exemption and expressed our concerns regarding the proposals in the Bill. Given that DBEI has not accepted those arguments, and that the loss of audit exemption sanction will remain, we encouraged DBEI to consider implementing proposals to change the timing of the penalties for late filing. We encouraged consideration to be given to applying the sanction prospectively rather than retrospectively as is currently the case, such that the loss of audit exemption would apply for the two periods subsequent to the period in respect of which the annual return has been filed late. We consider that this approach would provide some benefits in allowing for appropriate time for an audit to be costed, planned and performed and, where necessary, for identifying and appointing an auditor when the incumbent external accountant is not a registered auditor.
During Committee Stage of the Bill on 21 February, the Minister for Business, Enterprise and Innovation, Heather Humphries T.D., referred to our letter and said that she intends to bring forward proposals on Report Stage for the introduction of measures to “reduce the cost and lessen the impact of some of the more burdensome aspects of losing the audit exemption”. The Minister noted that these measures would include changes such that, when audit exemption is lost due to late filing, audits will take place for the current and following year, which will “remove the necessity to file documents for an historical audit”. The Committee Stage debate can be read here. CCAB-I looks forward to seeing the proposed amendments at Report Stage and will continue to monitor developments

As the EU and UK negotiating teams knuckle down in Brussels over the weekend for extended talks, in the first of a series of getting back to the basics of Brexit, we refresh ourselves on how the Brexit vote first came about. We also take a look at the OECD’s economic outlook report for Ireland for 2018 which warns that Brexit is a serious concern for the Irish economy.
Going back to the very beginning – the vote
In the first in our new series of getting back to the basics of Brexit, we examine how the vote to leave the EU came to pass in the first instance.
The UK people historically voted to leave the EU by referendum on 23 June 2016. Article 50 of the Treaty of Lisbon, the mechanism by which the UK must leave the EU was triggered on 30 March 2017 and gave the UK two years to leave. This means the leaving date has been set as 29 March 2019.
What is Brexit?
It’s a merge of the words Britain and exit. The term can also be found in the Oxford dictionary where it is defined as “the withdrawal of the United Kingdom from the European Union.”
How did each part of the UK vote?
The UK voted by a majority of 51.9 percent to 48.1 percent to leave the EU. More than 30 million voted in total representing 72 percent of the population. England and Wales voted to leave the EU with 53 percent and 52 percent of the votes respectively. Scotland backed to remain in the EU with 62 percent of the vote and 56 percent of Northern Ireland voted to remain.
Why was there a vote?
Since the economic recession of 2008 and the crisis in Greece, the UK people have questioned the benefits of remaining in the EU particularly when the UK economy remained relatively robust. Record levels of EU immigration into the UK and increasing EU regulation were also factors for the growing anti-EU sentiment.
What were seen as anti-European parties enjoyed a rise in popularity in the UK in 2012 and backbenchers demanded that the then Prime Minister David Cameron announce an EU referendum to help fend off the anti-EU challenge. In 2013, Mr Cameron said that he would hold a referendum on EU membership if the Conservative party won the 2015 election. Which they did and here we are.
What was the UK Government’s position at the time of the vote?
Before the referendum vote, Mr Cameron voiced support of the UK remaining in the EU by saying “The choice is in your hands but my recommendation is clear: I believe Britain will be safer, stronger and better off in a reformed Europe”.
The UK voted to leave and Mr Cameron resigned and was replaced by the now Prime Minister Theresa May. Theresa May was against Brexit during the referendum campaign but now says it’s what the British people want.
Why call a snap election?
What might have come as a surprise to most, Theresa May called an election for 8 June last year. She reportedly felt that the opposition parties would try to block her Brexit strategy and wanted to show a united front. However, the result of the election didn’t go to plan. The vote failed to give the Conservatives an overall majority in parliament so Theresa May went into government with Northern Ireland’s Democratic Unionist Party.
What’s been happening in the Brexit talks?
Brexit talks started in Brussels on 19 June 2017 and there have been several rounds of negotiations so far. Teams from the EU and the UK meet for around one week at a time. The timetable for the talks has two phases.
The aim of phase one was to reach agreement on the rights of citizens, the financial settlement the UK will need to pay on leaving the EU as well as the border in Northern Ireland. While it was hoped last October that the talks could move onto phase two where the future trade relationship would be discussed, this was delayed until December where some progress was reported.
At the moment, talks continue but have not moved on to the future trade relationship (phase two). The UK have agreed that a hard border must be avoided on the island of Ireland but have not put forward clear enough proposals as to how this would occur. Discussions are also taking place on the transition period which is a grace period for businesses and people to transition to Brexit. This is conditional on a Brexit treaty being signed however. So if no deal is reached, there will be no transition period.
The EU wants to reach an agreement on trade by October 2018 which will give six months to legislate for this agreement. All eyes are on Brussels as the clock ticks.
Tune in next week where we will be looking at the difference between the Customs Union and the Single Market, what a hard border means, customs checks, tariffs and much more.
Brexit is a “serious risk to economic outlook” in Ireland
The OECD has warned that Brexit is a “serious risk to the economic outlook” in Ireland. In its economic survey of Ireland for 2018, the OECD questions the ability of the Irish economy to absorb another economic shock such as Brexit particularly given by the level of public debt in the country, which per capita is one of the highest in the OECD.
The OECD rate Ireland as one of the countries in the EU that will be most affected by Brexit and the continued uncertainty in the Brexit negotiations about the future trade relationship is rated negatively for the Irish economy.
In the event that the EU and UK fail to agree on its future trading relationship, the study found that if trade between the UK and EU works under World Trading Organisation rules, Irish exports could be reduced by as much as 20 percent in sectors such as agri-food.
The report suggests that further debt reduction should be sought out by the Government as this would give more scope for a budget policy that would support any negative impacts of Brexit.
Minster for Finance Paschal Donohue welcomed the survey and said “I have also noted that the survey emphasises the challenges and heightened uncertainties, including from Brexit that Ireland faces over the medium-term. I have noted its conclusions, in particular regarding the importance of further improving our fiscal position and improving the resilience of our economy in a highly uncertain environment.”
OECD economic surveys of member countries take place around every two years. The last one for Ireland was published in September 2015.
Read all of our Brexit updates on the dedicated Brexit section of our website.

Highlights this week include Revenue guidance on its application of GDPR, how employers should operate emergency tax and HMRC’s update on penalties for the trust registration service.
Ireland
Revenue have published a new Tax and Duty manual explaining the application of new legislation introduced by Finance Act 2017 that is compatible with the General Data Protection Regulation (GDPR). The new legislation can be found in Section 851B TCA 1997 and governs Revenue’s processing of taxpayer information and taxpayer’s rights in relation to such processing
Revenue have published an update to their Tax and Duty Manual to include information on the operation of Emergency Tax for PAYE and USC
UK
Read HMRC’s update on late filing penalties for the trust registration service
Finance Bill 2018 is currently awaiting Royal Assent
International
The European Commission has published a study using economic modelling to explore which Member States are exposed to aggressive tax avoidance structures, and how it impacts on their tax base

Following the success of the 2017 Dublin schools open day, Chartered Accountants Ireland was delighted to welcome more secondary school students to Chartered Accountants House this year. On Tuesday 13 March, the Institute welcomed more than 200 second-level students and teachers from over 10 schools across Leinster to our Dublin HQ for a series of talks on what a career as a Chartered Accountant has to offer. Schools travelled from Wexford, Tipperary, Meath and Dublin to attend the open day. The event was aimed at Transition Year, 5th and 6th year students from all disciplines with an interest in business, accountancy and finance.
Problem solvers
John Munnelly, FAE Paper Development Executive at the Institute, lead an interactive case study which had students organise a promotional gig for the ‘Distressed Assets’ inviting 200 music industry journalists/PR agents while staying within a budget of €25,000. Students had a number of decisions to make on the best way to spend the money, without going over budget.
Brian Feighan, Educator and Entrepreneur, Pro-Tutor, then continued the case study and had students analyse the feasibility of an international tour for the band. Students had to evaluate three proposals from several live music promoters, and choose the best option.
Beyond number crunching
Speakers at the event highlighted the diversity and opportunities that came with their chosen career. Qualifying as a Chartered Accountant allows you to work in any sector or industry, travel internationally, be recognised and become part of a 26,500-strong network.
The focus was on how Chartered Accountants can advance with strong recognition and how qualified members were in high demand with healthy salary prospects.
Leo Norris, Head of Education Delivery at Chartered Accountants Ireland, took students through the various routes to entry and discussed the reasons to choose Chartered Accountancy as a career option.
Sinead Fox-Hamilton, winner of our 2017 Young Chartered Star competition, closed the day by discussing her passion for getting involved in committees and extra-curricular activities and how that helped her get to the One Young World Summit in Bogotá, Colombia last year.
Photos from the event are available on our Flickr account.
Cork event 2018
We’re planning a similar event on 17 April in CIT Cork and currently have space available. If you know of a school that might be interested in attending this free event please put them in touch with us.
We also coordinate school visits around the island and members kindly volunteer to get involved locally. Students really value the opportunity to hear about members’ diverse career paths first hand. The Institute is hugely appreciative of the volunteers who visit schools.
Get involved
As a Chartered Accountant you will know that it can be a fast-moving, secure and rewarding career. Help us communicate this to the next generation. If you are interested in getting involved please contact us at by email.
We have useful resources and further information available at www.charteredaccountants.ie/schoolsresources.

That first role out of contract is a very significant move for newly qualified members and as such has the potential to influence your longer term career plans.
As I meet members on a daily basis I encounter the same sense of confusion, fear, trepidation and anxiety as they consider their first ‘qualified decision’. This is the ‘Sunday night fear’ on a far more extreme scale. You have been supported and guided throughout your contract and so qualifying opens up new options, challenges and decision making opportunities for you.
If you take only one thing from this article it should be that you can be proud of your achievements. Most of you will have completed a third level qualification, some of you will then have been fortunate to complete your Masters and then upon qualifying will have successfully completed one of the most challenging and demanding set of exams that you are ever going to come across. Bank that success!!
It is easy to dismiss your successes and immediately focus on the next job, company or challenge However, by taking stock of what you have achieved, the sacrifices you have made as well as perhaps how much you have developed both personally and professionally along the way, it can strengthen your level of self-awareness and hopefully your level of confidence & belief in what you can achieve.
Recognising & banking your success is a useful way of bringing you back to the times when you were most proud, happy, successful and relieved! And most importantly when you are facing into CV preparations, interview planning and job hunting – you have gotten this far you can achieve anything. This is not a glib one-liner but an empowering affirmation that can be useful in times of doubt.
What practical steps can you take to make the move less stressful for you?
Choose your confidants - identify one or two people that you can discuss your options with carefully. Everyone will have an opinion but they may be biased so choose wisely.
Slow things down and create an ‘ideal job spec’ based on all the elements that you have enjoyed in your career to date. You may not achieve everything but if you don’t aim high you are starting low and make it harder for yourself to claw back on that wish list.
Spend time enjoying – yes enjoying- the job search functionalities of various job sites. Keep an open mind on roles, locations, sectors and try not to limit yourself too quickly in the process. New roles and titles are being created all of the time so familiarise yourself with them.
In practical terms, developing a professional CV that fully sells your skills, achievements and reflects your ability in language that ‘non-finance’ personnel can understand will help you greatly.
Visualising yourself in an organisation outside of the one you trained in will be crucial as you attempt to sell your skills and competencies to new hiring managers. You’ve started something new before so you are more than capable of doing it again as a professional.
Focus on transferable competencies and adapting the ‘corporate speak’ that has become second nature to you to instead mirror the language used by the organisations you are attempting to join (use their job descriptions as a guide).
It’s worth remembering that for those finishing contract in spring, audits are in full swing and it’s generally ‘busy season’ for those of you in practice so a couple of things that might help:
Avoid making huge career decisions during the busiest time of the year - either start the process earlier before Christmas or allow yourself some time beyond end of contract date.
You may be inundated by recruiters and those offering opportunities but it pays to hold your ground until you are sure (or less unsure) about your next move.
Everyone will have their own story so remember to listen to your own voice – you know best what you are capable of or where your ambitions extent to.
A dream job is only a dream job if it’s your dream – if you live your life through other’s expectations that dream can quickly become a nightmare.
Your career is a life-time in creation – the temptation is to want to advance rapidly – however mistakes can be made so instead think of this as a marathon not a sprint.
Use the services of those who will offer you impartial advice and support, to help identify where your passion+skill= career path
These little practical steps can help to build your confidence level that huge change does not have to happen overnight. Focus on the positives, if you were not 100% happy in your training firm or company or didn’t necessarily enjoy the work then this can be a very positive next step and be the beginning of the rest of your life!

Developments of interest this week are outlined.
ROI
Minister indicates amendments at the Committee Stage debate of the Companies (Statutory Audits) Bill 2017 to make loss of audit exemption for late filing prospective rather than retrospective. For further details click here.
IAASA has published its feedback paper following its consideration of responses to its consultation paper ‘Supplementary Standards and Guidance’.
The CRO have issued their regular gazette.
UK
Chartered Accountants Ireland has published Technical Release 02/2018 'Anti-Money Laundering Guidance for the Accountancy Sector (UK)'.This guidance has been published with kind permission from the Consultative Committee of Accountancy Bodies, of which Chartered Accountants Ireland is a member.
The Financial Reporting Council (FRC) has published its compendium of Ethical and Auditing Standards 2018, including those in issue since 1 January 2018.
The Financial Conduct Authority (FCA) has published a discussion paper on transforming culture in financial services which presents views from academics and industry thought leaders. The paper is intended to provide a basis for stimulating further debate on transforming culture in the sector.
Europe
The European Commission has unveiled its strategy for a financial system that supports the EU's climate and sustainable development agenda. The press release and related documents are available here.
International
The IFRS Foundation has announced that its next IFRS conference in Europe will be held in Frankfurt, Germany on 28–29 June 2018. Find out more here.

HM Treasury has recently approved the Consultative Committee of Accountancy Bodies’ (CCAB) Anti-Money Laundering (AML) Guidance for the Accountancy Sector. Together with CCAB we have published new anti-money laundering (AML) guidance for all entities providing audit, accountancy, tax advisory, insolvency or related services such as trust and company services, by way of business in the UK. The guidance has been updated for the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 which transposed the 4th EU AML Directive in the UK. The guidance was published in draft by CCAB in summer 2017.
The final approved guidance has been published by Chartered Accountants Ireland, with permission from CCAB, as Technical Release 02/2018 and replaces Miscellaneous Technical Statement 40 (Revised) Anti-Money Laundering Guidance for the Accountancy Sector in the UK (M40), issued in 2008 and withdrawn in 2017.
Technical Release 02/2018 Anti-Money Laundering Guidance for the Accountancy Sector (UK) is available to read here.

IAASA has published a Feedback Paper following its consideration of responses to its consultation paper Supplementary Standards and Guidance.
In line with proposals in the consultation paper, and following consideration of the responses received, IAASA has approved for adoption ISA (Ireland) 800 Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks and ISA (Ireland) 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement with effect for periods beginning on or after 1 April 2018 (with early adoption permitted).
IAASA has also approved an editorial amendment to International Standard on Quality Control (Ireland) 1 in order to clarify the scope of its requirements relating to quality control.
In the Feedback Paper IAASA states that it will develop a plan for update and issue of supplementary guidance documents and will consider the merit of developing guidance in additional areas with appropriate steps in that regard to be included in the project plan. The Feedback Paper also notes that IAASA will commence the process to obtain a license for the use of SIRs (Standards for Investment Reporting) as issued by the FRC and adapt them for use in Ireland.
The Feedback paper is available to read on IAASA’s website at the following link http://www.iaasa.ie/getmedia/89924581-0e13-4ea9-b9a3-c164fe110cf5/Feedback_Paper_Published_Final.pdf

AML Guidance Approved by HM Treasury
CCAB (The Consultative Committee of Accounting Bodies) has published new guidance for all entities providing audit, accountancy, tax advisory, insolvency or related services such as trust and company services, by way of business.
The guidance has been updated for the new Money Laundering Regulations 2017 and
is approved by HM Treasury. It has also been adopted by the UK accountancy AML supervisory bodies.
Click here for CCAB Press Release.
Click here for AML Guidance for the Accountancy Sector.

Chartered Accountants Ireland, which represents almost 5,000 business professionals in Northern Ireland, has welcomed Chancellor of the Exchequer Philip Hammond’s call for evidence on the impact of VAT and Air Passenger Duty (APD) on the Northern Ireland travel industry.
The call for evidence, issued as part of the Chancellor’s Spring Statement, seeks to understand the ways that these taxes impact the tourism industry, and how the industry can be supported to build on its growing success.
Zara Duffy, Head of Chartered Accountants Northern Ireland said: “Highlights such as Game of Thrones, the Titanic Visitor Centre and some of the world’s most beautiful scenery have helped tourism in Northern Ireland perform strongly in recent years.
“We believe that there is a fantastic capacity to build on that success and we are pleased to see recognition at official level of the impact that taxation can have on this key industry sector.
“As Northern Ireland’s premier business organisation we intend to contribute to the formation of government policy in this important area. Our members are keen to lend their expertise, ability and experience to do what they can to boost the tourism industry.”

Chartered Accountants are well-represented at the very highest levels of business and management, both in Ireland and abroad, but making the transition from one phase of your career to the next isn’t always easy. To be successful at all levels of business, one needs a high degree of adaptability. Lynda Carroll FCA explains why.
Adaptability is often cited as a core competency exhibited by aspiring and successful professionals. It speaks to an academic and emotional intelligence, which enables us to navigate the complex and often conflicting demands we face. Adaptability is about developing the skillset and, most importantly, the mindset for each situation we find ourselves in.
A very practical way to explore adaptability is to look at it from the perspective of the development of one’s career through phases or roles most of us will recognise, such as executive management, executive board directorship, or (independent) non-executive board directorship.
The biggest transition we make is from executive management to board member, and this is where adaptability is most tested. The biggest step-up is not in moving from detail to principle, from execution to strategising, or from doing to oversight. The biggest step-up is in changing the perspective from which you view the organisation and adapting to the new reality of your duties as a board member.
Your duties are now to the entity itself – not to any individual, interest group, workers, shareholders or stakeholders, but to the entity itself. Your duty is to further the realisation of the purpose of the organisation and this is where your mindset needs to be. Whether you’re acting as an executive director or non-executive director, those duties are fundamentally the same.
If all organisations were the same, once we had adapted a board member mindset we could rest on our laurels. However, all organisations are not the same and where they differ is in their purpose. Purpose defines an organisation and informs how it’s governed and the mindset to be adopted as a board member.
Purpose difference is one of the principle reasons for different governance codes. State bodies, which have very distinct character and purpose, have a code focused on stakeholder management. The body serves multiple stakeholders and is likely to have a social impact – the board focus and mindset reflects that reality. Corporate entities focused on profitability, efficiency and shareholder value management have a code focused on the principal and agent relationship between owners and managers, and a board governance mindset which reflects that reality.
In any given week, you may find yourself sitting at an executive management meeting in a financial services organisation, sitting on an audit, risk and finance board sub-committee of a registered charity and at a board meeting of a State body. How you act at each one will call for a distinct organisation-specific skillset and mindset.
We are all slaves to cognitive bias and with the passage of time, the security we derive from what we think we know often leads us to think that ‘more of the same’ or ‘more of what has worked to date’ is the answer to the new challenge. This is where, by challenging yourself, you help yourself to adapt and succeed. This is where knowledge truly is power.
Inform yourself. Start your transition well in advance of the change you will have to make. There is a wealth of academic learning – available and very accessible – that provides informed perspectives on the duties and responsibilities of these roles. There is also a wealth of practical advice available from those who have travelled this road before you.
Lynda Carroll FCA is the Head of Capital Allocation & Risk-Based Pricing at AIB.

This week sees the first Spring Statement tomorrow, Tuesday 13 March. As previously announced, this is a fiscal event but it is not expected to contain any tax announcements.
Attention is likely to shift to consultation announcements with speculation that there may be some form of proposal in the context of taxation of the digital economy. At Autumn Budget 2017 the government published a position paper setting out the challenges posed by the digital economy for the international corporate tax framework and its proposed approach for addressing those challenges.
That paper discussed the issues involved in ensuring that profits of multinational groups operating in the digital economy should be taxed in the countries in which they generate value.
While recognising that the issues presented by the digital economy should be addressed on a multilateral basis and wishing to inform international debate (specifically the interim report of the OECD Task Force on the Digital Economy due to be presented to G20 leaders next year), the UK government said that it is ready to take interim action in the absence of sufficient progress.
The option favoured by the UK government in the original position paper is a tax on the revenues that businesses generate from the provision of digital services to the UK market.

HMRC have advised that as 2016/17 is the first year in which trustees were required to meet the Trust Registration Service (“TRS”) registration obligations, penalties will not automatically be charged for missing the 31 January 2018 deadline for existing trusts.
Instead HMRC will take “a pragmatic and risk based approach” to charging penalties. It is not yet clear if a similar approach will be taken to those new trusts required to register by 5 January 2018.
HMRC had previously announced that while the 31 January 2018 was the deadline for existing trusts to register, they would not charge a penalty if the TRS details were completed no later than 5 March 2018. More details on penalties for the TRS will be published on GOV.UK.

Members of Chartered Accountants Ireland engaged in a lively discussion on the private pension crisis in Ireland at a seminar with Institute President Shauna Greely held in Dublin last Tuesday evening (6 March 2018). The event also saw the formal launch of the Institute’s report Pensions in Ireland: A responsible way forward which advocates auto-enrolment. View photos from the event.
In her opening remarks, President Shauna Greely said a change in mind set is required towards retirement planning in Ireland and enrolling in a pension should become the norm for every new worker. Charlie Weston of the Irish Independent was the keynote speaker on the night and said it’s time workers started thinking of pensions as a form of saving for their lifetime rather than merely seeing it as a complicated decision.
Cróna Brady, Tax Manager outlined the Institutes research in this area which advocates auto-enrolment and examines why people don’t provide for their retirement. The event was chaired by Dr Brian Keegan, Director of Public Policy & Taxation at the Institute and there were lots of key take-aways from a well debated Q&A session, including –
All employers and employees alike could change their mind-set towards the salary package and see pension as a benefit
Do we need to scrap the word pension and use more of a saving like term?
Employers need to prepare for auto enrolment and examine the payroll software requirements to implement auto enrolment
These considerations and many others will feature in future Institute research and publications, starting today in the Irish Examiner. Thank you to all the members who supported this event.

HMRC have published final guidance in respect of the corporate interest restriction (CIR) which came into operation from 1 April 2017. This will be of immediate relevance to any groups for whom 31 March 2018 is the deadline to appoint a CIR ‘reporting company’ and to make certain CIR elections.
The guidance includes confirmation of how returns, elections and other documents are to be filed.
31 March 2018 is the deadline for some groups to appoint a ‘reporting company’ for the purposes of the new corporate interest restriction (CIR) regime. It is also the deadline for making certain CIR elections, including the notional Disregard Regulations election, two elections altering the group’s period of account and the Public Infrastructure election. For more information, see the guidance.

Finance Bill 2018 has recently been amended as a result of changes made at Report Stage. Amendments to be considered are selected by the Speaker. Explanatory notes on these amendments have now been published.
Finance Bill 2018 passed its Report Stage and Third Reading recently and has now completed its journey through the House of Commons. The Bill has also completed its journey through the House of Lords and now awaits Royal Assent, after which it will be enacted. The date of Royal Assent has yet to be confirmed.

The sugar tax legislation, final guidance on the serial tax avoiders regime and Brief 6/2017 feature in this week’s tidbits.
The Soft Drinks Industry Levy (Enforcement) Regulations 2018 have been published. The regulations give HMRC enforcement powers to prevent evasion of the levy, which commences on 6 April 2018
HMRC has issued a reminder that from 14 February, all working parents with children under 12 can apply for up to £2,000 of childcare support per child, per year
HMRC has issued Revenue and Customs Brief 6 (2017) to provide information on how it will treat claims for VAT refunds by local authorities following the Court of Justice judgment in London Borough of Ealing which was handed down on 13 July 2017
SI 2018/9 amends SI 1999/2975 to reflect amendments to corporation tax group relief claims for carried forward losses
The Public Accounts Committee has published its report into HMRC’s Performance in 2016/17
The final guidance on the Serial Tax Avoidance Regime has been published
Check if you're eligible for compensation if you’ve been unable to access Tax-Free Childcare through your childcare account
The factsheet containing general information about compliance checks into tax advantaged schemes has been updated.
Notice 799: disclosure of tax avoidance schemes for VAT and other indirect taxes has been updated
VAT Notice 700/56: insolvency has also been updated
HMRC has published guidance for credit reference agencies wanting to apply for VAT registration data for use in making financial assessments, as part of a move to improve access to credit and finance for small businesses and startups
HMRC have published high level guidance on the amended deemed domicile rules for inheritance tax (“IHT”) and the rules which extend the scope of IHT to all residential properties in the UK that are owned by non-doms, whether the non-doms and any companies that own the properties are resident in the UK or not
HMRC have announced that the deadline for making R&D claims for certain reimbursed expenses has been extended from 31 January 2018 to 30 April 2018

New legislation introduced by Finance Act 2017 governs Revenue’s processing of taxpayer information and taxpayer’s rights in relation to such processing. This legislation is contained in section 851B of the Taxes Consolidation Act 1997 (TCA 1997) and provides that Revenue’s processing of taxpayer information has a legal basis that is compatible with the General Data Protection Regulation, also known as GDPR.
Revenue have published a new Tax and Duty manual explaining the application of section 851B TCA 1997. This new manual is available on the Revenue website.
Section 851B TCA 1997 provides for data protection safeguards in respect of taxpayer information and provides the legal basis for the data protection principles that Revenue operate.
Finance Act 2017 also amended section 851A TCA 1997 to enable Revenue to disclose taxpayer information to Department of Finance and the Commission of the European Union in certain circumstances.
TaxSource and TaxSource Total, the online tax services from Chartered Accountants Ireland include the amendments made by Finance Act 2017 to the Irish tax legislation. The change history feature available in both services displays all amendments made to the legislation since it was first passed into law. You can read a section of the legislation at a point in time before a Finance Act amendment or highlight the amendments made by a specific Finance Act.
More information on GDPR and guidance is available from the Data Protection Commissioner website.

Last week, the EU put forward its negotiating stance on the future relationship with the UK and what was on offer was clear and succinct. The EU did say that if the UK is open to changing its mind on certain policy issue, the EU would reconsider these areas. In other news, in its economic outlook report for 2018, the OECD has warned that Brexit is a serious concern for the Irish economy.
EU’s puts forward its negotiating stance
The EU finalised their draft negotiating stance on the future trading relationship with the UK last week and while what on offer was quite clear and succinct, the EU did say that if the UK changes its mind on certain areas, the EU would be prepared to reconsider its stance.
In what the UK Chancellor, Philip Hammond considered a “tough” stance; the EU repeated the point that there will be no cherry picking of elements of the Single market; the EU’s principles will not be sacrificed. While there was no specific mention of Northern Ireland, the guidelines say that the UK decision to leave the Customs Union will inevitably lead to frictions and checks and controls will be necessary to uphold the principles of the Single Market.
On free trade, the EU says it’s open to beginning work on a free trade agreement which would see no tariffs or quantitative restrictions on goods but would require cooperation on customs measures. This agreement cannot apply in the same way to services and there was no specific mention of financial services in the draft guidelines. The EU would like to maintain reciprocal access to fishing waters and resources, while also keeping the skies open between the UK and EU in terms of the aviation industry.
The EU also wants a framework to be developed for the mutual recognition of professional qualifications between the two territories and is also seeking close cooperation with the UK on security, criminal matters and personal data.
Commenting on the guidelines after sending them to the EU27, President of the European Council, Donald Tusk was frank saying that while the EU “don’t want to build a wall between the EU and Britain…….This positive approach doesn't change the simple fact that because of Brexit we will be drifting apart. In fact, this will be the first FTA in history that loosens economic ties, instead of strengthening them. Our agreement will not make trade between the UK and the EU frictionless or smoother. It will make it more complicated and costly than today, for all of us. This is the essence of Brexit.”
Brexit is a “serious risk to economic outlook” in Ireland
The OECD has warned that Brexit is a “serious risk to the economic outlook” in Ireland. In its economic survey of Ireland for 2018, the OECD questions the ability of the Irish economy to absorb another economic shock such as Brexit particularly given by the level of public debt in the country, which per capita is one of the highest in the OECD.
The OECD rate Ireland as one of the countries in the EU that will be most affected by Brexit and the continued uncertainty in the Brexit negotiations about the future trade relationship is rated negatively for the Irish economy.
In the event that the EU and UK fail to agree on its future trading relationship, the study found that if trade between the UK and EU works under World Trading Organisation rules, Irish exports could be reduced by as much as 20 percent in sectors such as agri-food.
The report suggests that further debt reduction should be sought out by the Government as this would give more scope for a budget policy that would support any negative impacts of Brexit.
Minster for Finance Paschal Donohue welcomed the survey and said “I have also noted that the survey emphasises the challenges and heightened uncertainties, including from Brexit that Ireland faces over the medium-term. I have noted its conclusions, in particular regarding the importance of further improving our fiscal position and improving the resilience of our economy in a highly uncertain environment.”
OECD economic surveys of member countries take place around every two years. The last one for Ireland was published in September 2015.
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Read all of our Brexit updates on the dedicated Brexit section of our website.

Revenue have published an update to their Tax and Duty Manual to include information on the operation of Emergency Tax for PAYE and USC.
Information provided includes:
Calculating emergency tax for an employee who does not provide a PPS number;
Employers obligations; and
USC emergency basis of deduction
The manual is published on the Revenue website.

The OECD launched the findings of its Economic Survey on Ireland recently in a joint press conference with the Department of Finance. According to the OECD, economic recovery in Ireland since the international economic crisis has been stronger than in any other OECD country with a rapid reduction in the unemployment rate from above 15 percent in early 2012 to around 6 percent in 2018.
From a tax perspective, the report makes the following observations and recommendations:
Some aspects of Ireland’s tax system both narrow the tax base and distort the efficient allocation of resources, noting land for housing in particular.The OECD recommends that such distortions can be corrected with a reduction in the number of VAT rates and the regular assessment of property values for the purposes of calculating local property tax.
The report says that the design of the local business tax and regulations related to commercial property and legal services weigh on the productivity of entrepreneurial firms. The OECD recommends that businesses in Ireland should be supported by a reduction in the price of construction permits and fees on registration of property charged by the relevant authorities. The OECD also calls for the introduction of new forms of legal businesses and the replacement of local business tax with a broad-based land tax.
The impact of Brexit on Ireland’s economy was also considered to be a serious risk and this is discussed in our Brexit Bites section below.

In his regular column in the Sunday Business Post, Brian Keegan, Director of Public Policy and Taxation says people’s livelihoods are at stake in the midst of Brexit negotiations and its high time that politicians woke up to that. In an analysis piece in the Irish Examiner today, Brian looks at the recent Government roadmap for private pensions. He says governments are too focused on the short term and that doesn't work for long term issues like pensions. The Institute’s Pensions Seminar was pictured in the Irish Independent last week.

The European Commission published a study using economic modelling to explore which Member States are exposed to aggressive tax avoidance structures, and how it impacts on their tax base.
The study “Aggressive tax planning indicators: Final Report” uses economic modelling and suggests that countries with successful foreign direct investment policies such as Ireland have a higher than average corporate tax base due to aggressive tax avoidance activities of multinational corporates. The study by its own admission is subject to data constraints.
According to the study “the most important data shortcomings include: a general lack of firm-level information about the entities in non EU countries, especially zero/no tax countries, no possibility to distinguish between intra-firm and external financial flows, no information about hybrid instruments, no reliable information on permanent establishments, incomplete data about intellectual property and patent ownership, no detailed bilateral information about royalty flows and poor quality of bilateral foreign direct investment flows.”

The OECD has just published new model disclosure rules proposing that lawyers, accountants, financial advisors, banks and other service providers be obliged to inform tax authorities of any schemes they put in place for their clients resulting in reporting being avoided under the OECD/G20 Common Reporting Standard (CRS), or preventing the identification of the beneficial owners of entities or trusts. The proposed OECD disclosure rules provide an exemption for legal professional privilege.
These model disclosure rules will be submitted to the G7 presidency and are part of a wider strategy of the OECD to strengthen disclosure rules. The EU is also considering similar proposals. Ireland has mandatory disclosure obligations for intermediaries in place since 2011; another instance of where early adoption of international best practice did nothing to quieten the whines of complaint from international competitors about the probity of our tax system.